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Monetary indicators in September 2016



In September 2016, monetary base The monetary base includes money in circulation (outside banking system), banking reserves (banks' reserves in MDL on correspondent accounts maintained at the National Bank of Moldova and cash in banks), deposits at sight of other organizations with the National Bank of Moldova, “overnight” deposits of banks and required reserves in foreign currency.increased by MDL 1008.9 million (3.2 percent) compared to August 2016 and accounted for MDL 33043.2 million. The increase of the monetary base was determined by the increase of net foreign assets by MDL 1276.0 million (3.7 percent) while net domestic assets decreased by MDL 267.1 million.

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.increased by MDL 511.7 million during the reporting period or by 1.1 percent compared to August 2016 and accounted for MDL 45388.7 million.

Money supply M3 Money supply M3 includes money supply M2 and deposits of residents in foreign currency expressed in MDL.increased by MDL 359.7 million (0.5 percent) in the reporting month.

The analysis of the passive components of Money supply (M3) denotes the fact that this increase was driven by the increase of the balance of Money in circulation M0 Money in circulation M0 represents cash released in circulation by the National Bank of Moldova, except for cash in banks and NBM vault. by MDL 155.6 million and the total balance of deposits by MDL 204.1 million in September 2016 (Table no.1).

 

Table no.1. Passive components of money supply

 

INDICATORS

August 2016

September 2016

September 2016

September 2016

MDL, million

MDL, million

August 2016

September 2015

%

%

1

Money in circulation (M0)

16741.1

16896.7

0.9

1.9

2

Sight deposits in MDL

10065.0

10293.9

2.3

33.5

3

MONEY SUPPLY (M1)Money supply M1 includes money in circulation and sight deposits of residents in MDL.

26806.0

27190.6

1.4

11.9

4

Term deposits in MDL

18070.9

18198.1

0.7

20.4

5

Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

44876.0

45388.7

1.1

15.2

7

Deposits in foreign currency

24338.6

24186.6

-0.6

-8.1

8

MONEY SUPPLY (M3)

69215.6

69575.3

0.5

5.9

The balance of deposits in national currency increased by MDL 356.1 million and accounted for MDL 28492.0 million, representing a share of 54.1 percent of total deposits, while the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 152.0 million and accounted for MDL 24186.6 million, with a share of 45.9 percent (Table no.2).

 

Table no.2. Structure of depositsDeposits structure is classified by institutional sectors, according to the Instruction on filling out by the licensed banks of the Report on monetary statistics (Official Monitor of the Republic of Moldova no.206-215 of December 2, 2011).

 

INDICATORS

August 2016

September 2016

September 2016

September 2016

MDL, million

MDL, million

August 2016

September 2015

%

%

I

Deposits balance (Total)

52474.5

52678.6

0.4

7.2

 

including:

 

 

 

 

1.0

Deposits balance (in MDL):

28135.9

28492.0

1.3

24.8

 

Share in deposits balance (Total) %

53.6

54.1

 

 

1.1

Non-banking financial sector

352.1

369.1

4.8

8.1

1.2

Non-financial companies sector, which majority ownership is public

1104.6

1039.5

-5.9

-3.8

1.3

Non-financial companies sector, which majority ownership is private

6080.7

6222.9

2.34

15.5

1.4

Other residential sectors (individuals, etc.)

20598.5

20860.5

1.3

30.3

2.0

Balance of deposits in foreign currency (recalculated in MDL):

24338.6

24186.6

-0.6

-8.1

 

Share in deposits balance (Total) %

46.4

45.9

 

 

2.1

Non-banking financial sector

993.4

991.7

-0.2

-19.5

2.2

Non-financial companies sector, which majority ownership is public

568.4

663.3

16.7

58.7

2.3

Non-financial companies sector, which majority ownership is private

5117.9

5022.1

-1.9

-6.9

2.4

Other residential sectors (individuals, etc.)

17658.9

17509.5

-0.8

-9.1

The increase of money supply M3 in the reporting period was determined by the increase in net foreign assets of the banking system by MDL 1498.4 million (2.6 percent), while the net domestic assets of the banking system decreased by MDL 1138.7 million (9.7 percent).

Balance of credits in economyAccording to the IMF methodology, the interbank credits and the credits granted to the Government are excluded from the total credits in the economy (including the interest calculated for credits and for credits of banks - in liquidation process). decreased by MDL 873.6 million in September 2016 (2.1 percent) at the expense of the decrease of credits to economy in national currency by MDL 480.8 million (2.1 percent), and credits in foreign currency (recalculated in MDL) by MDL 392.8 million (2.1 percent) (Table no.3).

At the same time, the credits to economy in foreign currency, expressed in USD, have decreased by USD 19.2 million. USD during the reporting period.

 

Table no.3. Structure of credits granted to economy

 

INDICATORS

August 2016

September 2016

September 2016

September 2016

MDL, million

MDL, million

August 2016

September 2015

%

%

I

CREDITS GRANTED TO ECONOMY

41983.7

41110.1

-2.1

-7.9

 

including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

22920.7

22439.9

-2.10

-11.2

 

Share of Credits granted to economy, %

54.6

54.6

 

 

1.1

Non-banking financial sector

777.8

746.5

-4.0

7.6

1.2

Non-financial companies sector, which majority ownership is public

1130.3

1117.3

-1.1

34.7

1.3

Non-financial companies sector, which majority ownership is private

13849.8

13415.1

-3.1

-18.2

1.4

Other residential sectors (individuals, etc.)

7162.8

7161.0

-0.03

-2.6

 

including: Consumer loans

3709.8

3749.2

1.1

5.4

 

Real estate loans

2122.7

2119.3

-0.2

-7.1

2

CREDITS GRANTED TO ECONOMY IN FOREIGN CURRENCY (recalculated in MDL):

19063.0

18670.2

-2.1

-3.6

 

Share of Credits granted to economy, %

45.4

45.4

 

 

2.1

Non-banking financial sector

1025.1

1011.9

-1.3

13.6

2.2

Non-financial companies sector, which majority ownership is public

788.6

741.5

-6.0

-20.6

2.3

Non-financial companies sector, which majority ownership is private

16913.5

16581.9

-2.0

-3.6

2.4

Other residential sectors (individuals, etc.)

335.8

334.9

-0.3

-3.9

 

including: Consumer loans

11.3

11.5

1.9

-24.2

 

Real estate loans

176.2

177.5

0.7

8.9

The negative evolution of the balance of credits granted to economy in national currency was due to the decrease of credits granted to non-financial companies sector, which majority ownership is private by MDL 288.0 million (2.0 percent), while the balance of credits granted to other resident sectors (including individuals), the non-banking financial sector and the credits granted to non-financial companies sector, which ownership is public increased by MDL 56.6 million (0.8 percent), MDL 43.2 million (5.9 percent) and by MDL 28.2 million (2.6 percent), respectively.

At the same time, the increase of the balance of credits granted to economy in foreign currency (expressed in MDL) was determined by the increase of the balance of credits granted to non-financial companies sector, which majority ownership is private and balance of credits to non-banking sector, which majority ownership is public and that of credits to non-banking financial sector - by MDL 296.2 million (1.8 percent), MDL 21.0 million (2.7 percent) and by MDL 5.8 million (0.6 percent), respectively, while the balance of credits granted to other resident sectors (including individuals) decreased by MDL 12.8 million (3.7 percent).

 

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